AUSTRALIA’S FINANCES
THEODORE FACES A HARD TASK HEAVY LOAN CONVERSION CANBERRA, Saturday. The Federal Cabinet has made investigations which are understood to have disclosed a serious financial position in various Treasury accounts, which have been overdrawn. The Federal Treasurer, Mr. E. G. Theodore, faces a difficult task owing to the tightness of the London and New York money markets, and the necessity of converting loans of about £130,000,000 which will mature in" the next 14 months. The fall in wool prices means a drop of from £10,000,000 to £15,000,000 in the amount available in London from this source for purchases for Australia. The coming Federal budget is, therefore, causing apprehension, since heavy increases in taxation are inevitable. One suggestion is that the petrol tax should be raised from 2d to 6d a gallon. It is stated that petrol costs only 5d a gallon to Tand in Australia, and is sold at 2s.
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Sun (Auckland), Volume III, Issue 811, 4 November 1929, Page 9
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152AUSTRALIA’S FINANCES Sun (Auckland), Volume III, Issue 811, 4 November 1929, Page 9
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